Nigeria, July 4 -- On 16 August, 2021, the then President of Nigeria, Muhammadu Buhari, signed the Petroleum Industry Bill (PIB) into law. He described the resulting Petroleum Industry Act (PIA) 2021 as Nigeria's second-largest achievement in the energy sector. He believed that the Act had the potential to address longstanding challenges and drive significant reforms in the oil and gas sector. Four years down the line, there remains no doubt the former helmsman was right.

It is indisputable that the PIA has driven significant advancements in Nigeria's oil and gas sector through the effective functioning of regulatory bodies. Now approaching four years since its enactment, the Act has transformed the regulatory framework, catalysing a ser...